Title
A resolution approving a service plan allowing for the creation of the Reagan Ranch Metropolitan District Nos. 1-3.
(Legislative)
Presenter:
Carl Schueler, Planning Manager- Comprehensive Planning, Planning & Development
Peter Wysocki, Director of Planning and Community Development
Body
Summary:
This service plan would allow the formation of the Reagan Ranch Metropolitan District Nos 1-3 ("Districts") to finance public improvements cost and provide services for a proposed development area located in the vicinity of the southeast corner of Marksheffel Road and State Highway 94 in the Banning Lewis Ranch Master Plan area.
This item was discussed by the City Council Budget Committee on June 9, 2020 with a follow-up presentation on June 23, 2020. The Budget Committee requested and was provided with District-specific maximum debt authorizations based in disaggregated and update public improvements cost estimates, as well as cost recovery. These discussions are further summarized below.
This agenda item was introduced at a July 13, 2020 City Council Work Session, at which time there we no additional comments or questions.
Background:
These proposed metropolitan districts would provide property tax-based public improvements financing and services for the proposed Reagan Ranch project in the west-central part of Banning Lewis Ranch. The overall proposed district area encompasses about 235 acres with approximately 133.6 acres proposed to be included initially, and another 101.8 acres identified as future inclusion areas. District No. 1 would encompass the initially developed northerly residential phase of this project. These future inclusion areas (former Powers Dairy) are not currently owned by the petitioner. However, the petitioner has represented that he has these properties under contract, and the purchase agreement includes a consent to incorporate the properties in this service plan.
The service plan does not request any direct deviatio...
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